HANOI -- A unit of South Korea's Samsung Electronics has bought a 30% stake for more than $40 million in Vietnam's second-largest IT company CMC Corp. which hopes to use most of those proceeds to focus on developing the "internet of things" and artificial intelligence technologies.
CMC hopes this expanded partnership with Samsung, which has a global reach, will help to double its overseas sales to more than 30% of its total by 2023. CMC has been making computer systems and services related to internet of things for Samsung since 2016. Samsung has now completed the acquisition of a 25% stake in new CMC shares and the other 5% by buying on the Ho Chi Minh Stock Exchange.
